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16 May

Income Tax Slab 2023: New income tax slab rates for FY 2023-24 (AY 2024-25) in India - Budget 2023 - The Economic Times

Income tax slabs FY 2023-24: Here are the income tax slabs for current FY 2023-24 under new and old tax regimes. Currently, there are two income tax regimes from which a salaried individual has to choose one every year. The old income tax regime continues with existing tax exemptions and deductions. The new income tax regime offers lower income tax rates with no option of availing certain tax exemptions and deductions.

Many changes have been announced in the new tax regime to make it attractive for the individuals in the Budget 2023. The income tax slabs under the new tax regime has been reduced to five in FY 2023-24 from six

Further, the basic exemption limit has been hiked to Rs.3 lakh from Rs.2.5 earlier under the new income tax regime. The amount of rebate under Section 87A has been enhanced under the new tax regime to taxable income of Rs 7 lakh. The tax rebate was available for taxable income up t ..

Read more at:
https://economictimes.indiatimes.com/wealth/tax/new-income-tax-slabs-for-new-tax-regime-announced-in-budget-2023/articleshow/97508804.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst